Aug 11, 2024

Keyology Standardized Operating Procedures New York State Real Property Law section 442-h requires, in part, that real estate brokers “institute standardized operating procedures for the prerequisites prospective homebuyers must meet prior to receiving any services.” Specifically, whether prospective clients shall show identification; whether an exclusive broker agreement is required; and whether pre-approval for a mortgage loan is required.

Keyology Group LLC provides real estate consultation regarding market conditions, valuation of property, and preparation for the purchase of real estate, among other things. Because many of these services are not fee or commission-based, they can and, many times, do occur informally, before or without actively purchasing real property. Therefore, Keyology’s standard procedures are that prospective clients shall not need to show identification, exclusive broker agreements are not required until when/if a customer chooses to view a home, and pre-approval for a mortgage is not required until when/if a customer needs it to view or offer on real property.

Aug, 11, 2024 – Keyology Realty is implementing the National Association of REALTORS (NAR’s) practice changes so that we can be in compliance with the mandatory policy. In their recent settlement, they have agreed to require all MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect on August 17, 2024.

Consumers should know that after August 17, 2024:

● If you are a buyer and your agent is using an MLS, you will need to sign a written agreement with your agent before touring a home so you understand exactly what services will be provided, and for how much.

● Written agreements are required for both in-person and live virtual home tours.

● You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.

● Agent compensation for home buyers and sellers continues to be fully negotiable.